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 Pradhan Mantri Suraksha Bima Yojana (PMSBY) 

Government through the Budget Speech 2015 announced three ambitiousSocial Security Schemes pertaining to the Insurance and Pension Sectors, namelyPradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri SurakshaBima Yojana (PMSBY)  and an the Atal Pension Yojana (APY) to move towards

creating a universal social security system, targeted especially for the poor andthe under-privileged. Hon’ble Prime Minister will be launched these schemes

nationally in Kolkata on 9th May, 2015.

In light of the fact that a large proportion of the population have no accidentalinsurance cover, the Pradhan Mantri Suraksha Bima Yojana (PMJJBY) is aimed atcovering the uncovered population at an highly affordable premium of just Rs.12per year. The Scheme will be available to people in the age group 18 to 70 yearswith a savings bank account who give their consent to join and enable auto-debiton or before 31st May for the coverage period 1st  June to 31st May on an annual

renewal basis.

Under the said scheme, risk coverage available will be Rs. 2 lakh for accidentaldeath and permanent total disability and Rs. 1 lakh for permanent partialdisability, for a one year period stretching from 1st June to 31st May. It is offered byPublic Sector General Insurance Companies or any other General InsuranceCompany who are willing to offer the product on similar terms with necessaryapprovals and tie up with banks for this purpose. Participating Bank will be theMaster policy holder on behalf of the participating subscribers. It will be theresponsibility of the participating bank to recover the appropriate annual

premium in one instalment, as per the option, from the account holders on orbefore the due date through ‘auto-debit’ process and transfer the amount due tothe insurance company.

Individuals who exit the scheme at any point may re-join the scheme in futureyears by paying the annual premium, subject to conditions. Further, in order toassure a hassle free claim settlement experience for the claimants a simple andsubscriber friendly administration & claim settlement process has been put inplace.

To ensure that the benefits of this scheme is brought to every uninsuredindividual, who holds a bank account, wide publicity was given for this socialsecurity measure through electronic media, radio, posters, newspapersadvertisements etc. Enrollment forms were widely distributed. Highly publicisedEnrollment camps were conducted by Banks, and Insurance Companies,mobilising the entire net work of SLBC Co ordinators, state and district level nodalofficers, agents and banking correspondents, thereby fully utilising the reach ofthese channels, for attracting large scale enrolment in the scheme.

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Between the date of commencement of enrolment on 01st  May till the date oflaunch of the scheme by the PM on 9th May, 4.42 Crore subscribers were enrolledin the PMJJBY scheme.

The simplified procedures and the documentary requirements and the proceduresto be followed in case of a claim under the policy has been widely publicisedthrough posters and advertisements at every location and point of contact which

a claimant is likely to get in touch in case of an accident resulting in a claim underthe scheme.

An IT enabled, web based system is in the process of being established to keepthe claimants informed seamlessly about the progress and status of the claim, tillit’s settlement. 

Claim settlement will be made to the bank account of the insured or his nomineein case of death of the account holder.

The enrolment drive is continuing without loss of momentum till date. As on 31st

 May, that is, on the eve of commencement date of the policy, the numberenrolled under PMSBY scheme had reached 7.29 Crores.

Immediately after the close of the first phase of enrolments, banks have startedthe process of auto debit of premium in the accounts of the enrolees andremittance of premium to the insurers. So far premium has been debited toaround 65% of the accounts.

The enrollment is open till 31st  August and the drive is continuing. Till 18th  June

2015 the number of enrolled under PMSBY stands at 7.68 Crore.

The scheme is expected to serve the goal of financial inclusion by achievingpenetration of insurance down to the weaker sections of the society, ensuringtheir or their family’s financial security, which otherwise gets pulled to the ground

in case of any unexpected and unfortunate accident.

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